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Photo courtesy of Insurance Commission of the Philippines
Philippine insurance density inches down in 2022
A total of 128 out of 130 companies submitted data to the Insurance Commission.
Consolidated data from the Insurance Commission (IC) of the Philippines showed that the average expense an individual allots on insurance went down 0.32% year-on-year (YoY) in 2022 compared to the previous year.
Overall, spending totalled PHP3.39t (US$62.33t).
In terms of share to the Philippines’ gross domestic product (GDP), premium volume contributed about 1.72% YoY, slower than the 1.93% in 2021.
Year-on-year growth was seen in total assets at 2.14%. This was followed by net worth (12.35%), paid-up capital and guarantee fund (7.77%), and total premiums (1.22%).
(PHP1 = US$0.018)
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